VP, Loss Mitigation at Maine Savings Federal Credit Union

Hampden, Maine, United States -

Full Time

Start Date

Immediate

Expiry Date

20 May, 26

Salary

0.0

Posted On

19 Feb, 26

Experience

10 year(s) or above

Remote Job

Yes

Telecommute

Yes

Sponsor Visa

Skills

Loss Mitigation, Credit Risk, Collections, Strategy Development, Policy Shaping, Process Optimization, Team Leadership, Credit Resolution, Asset Recovery, Member Workout Solutions, Risk Appetite Management, Continuous Improvement, Regulatory Compliance, Case Pipeline Management, Resource Allocation

Industry

Financial Services

Description

Description Join the Maine Savings team as Vice President of Loss Mitigation! The Vice President of Loss Mitigation provides strategic leadership and operational oversight for all loss mitigation programs aimed at reducing credit losses, improving member outcomes, and ensuring regulatory compliance. This position is responsible for shaping policy, driving performance, optimizing processes, and leading a high-performing team across credit resolution, asset recovery, and member workout solutions. You can also expect to partner cross functionally with other credit union functions and divisions to create sustainable mitigation strategies that protect the organizations financial assets while maintaining a member centric approach. What You'll Do: Develops and executes loss mitigation strategy and programs aligned with organization’s risk appetite and financial goals. Drives continuous improvement initiatives to reduce charge-offs, defaults, and asset loss severity and enhance recovery process. Identifies and implements strategies that balance member assistance with loss reduction. Leads, mentors, and develops the credit resolution team in the oversight of loss mitigation, collections, and workout operations. Collaborates with cross functional teams to streamline processes and enhance operational efficiency. Ensures efficient case pipeline management, resource allocation, and timely resolution of member cases. Ensures compliance with federal, state, and industry regulations. Represents the credit union in regulatory exams and audits. Performs additional duties as requested and required. Requirements Experience: At least ten years of experience in loss mitigation, credit risk, collections preferred. A minimum of five years of consistent and steady leadership growth. Education: A four-year degree or commensurate experience; or completion of a specialized certification or licensing, or completion of specialized training courses. Work Environment: Occasional off-site, overnight travel is required. Position may allow for hybrid work opportunities. More about Maine Savings: Maine Savings offers an excellent compensation package as well as the opportunity to thrive in a challenging, fun, and exciting environment. Maine Savings also offers health insurance, dental and vision insurance, 401k with company match, paid holidays, a generous Paid Time Off program, employee referral program, employee discounts, continuing education and student debt relief programs, longevity bonuses and more! Maine Savings is a growing modern financial institution offering members a full range of financial services. With over 38,000 members and over $800,000,000 in assets, Maine Savings is among Maine’s largest credit unions. With 12 branches, nearly 175 employees, and state-of-the-art technology, Maine Savings is committed to providing its members in-person service and modern conveniences. Founded in 1961 by employees of the Bangor and Aroostook Railroad Company, Maine Savings continues to serve its membership as a federally insured not-for-profit credit union. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, or any other characteristic protected by law. Equal Opportunity Employer/Protected Veterans/Individuals with Disabilities. This employer is required to notify all applicants of their rights pursuant to federal employment laws. For further information, please review the Know Your Rights notice from the Department of Labor.

Responsibilities

The Vice President of Loss Mitigation will provide strategic leadership and operational oversight for all loss mitigation programs, focusing on reducing credit losses, improving member outcomes, and ensuring regulatory compliance. This role involves shaping policy, driving performance, optimizing processes, and leading the team across credit resolution, asset recovery, and member workout solutions.